Ireland on track to exceed budget target

Ireland is on track to exceed its 2014 budget target which provides the Government with leeway to ease up on the planned €2bn budget consolidation in October.

The budget deficit for the first six months of the year was €4.9bn, which is a €1.7bn improvement on the same period in 2013, according to the latest exchequer returns.

Total revenue for the first half of the year was €24.2bn, on the back of buoyant tax receipts, which were up across most categories. Total net expenditure was €29.1bn with spending down across all government departments except for health.